The rise in prices of soybean oil by 6% led to increase in the prices of palm and sunflower oil

2021-03-24 12:02:58
Machine translation
The rise in prices of soybean oil by 6% led to increase in the prices of palm and sunflower oil

over the last week, the price of vegetable oil gradually decreased, while the speculators have not found new factors supporting the market. They were news about the strike in Argentina and announced by the US President Biden course on the active transition on the use of ecological sources of energy, including the production of biofuels. First reacted to the price of soybean oil.

 

May futures for soybean oil on the Chicago Board of SWOT Friday 1180 $/t rose to the highest since 2011, level – 1280 $/t, but later, under pressure from the decline in oil prices fell to 1250 $/t, showing an increase of 6% over two days.

 

At lower-than-expected demand and new lockdowns in Europe, futures on Brent crude oil yesterday fell by 6% to 60.8 $/barrel, and two weeks have already lost 12,7%.

 

behind the market of soybean oil may contracts for palm oil on the stock exchange in Kuala Lumpur for two days increased by 5.5% to 3930 ringgit/t or 954 $/t, despite the increase in palm oil production in the country for 20 days of March 16-20% and exports only 5-6% compared to the same period in February.

 

On the stock exchange in Dalian followed global stock futures palm oil rose by 3.1% to 1235 $/ton, and soy - 3% to 1410 $/t

 

amid the rise in prices of soybean and palm oil prices for Ukrainian sunflower oil increased to 1550-1600 $/MT FOB after a previous decline to 1500-1550 $/t FOB. However, the purchase of Indian importers of Argentinean sunflower oil at a price of 1580 $/t CIF restricted further rise in the Ukrainian oil.

 

workers ' Union oilseeds SOEA Argentina confirmed the cancellation of further strikes in major export enterprises Rosario, however, will continue to lead negotiations with the government.

 

increase the supply of new crop from Argentina and Brazil, supported by the seasonal increase in palm oil production in the near future will restrain the growth of world prices for oil.

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